Zurich UK reports 75% fall in GI operating profit for 2020
Zurich UK has reported a 75% fall in operating profit in its general insurance business for the full year 2020.
The provider explained that the drop to £68m in 2020 from £271m in 2019 was due to the impact of Covid-19.
UK combined operating ratio worsened to 97.8%, compared to 91.0% in the preceding year.
Gross written premium in the GI business rose by 11% to £2.74bn in 2020, up from £2.48bn in 2019.
According to Zurich, this was driven by rate and retention increases across its commercial
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